Ah, my favourite concept of the year has been updated. This is the Lexus LF-LC Blue concept that is being shown at the ongoing 2012 Australian International Motor Show in Sydney.

The LF-LC first debuted at this year’s Detroit Auto Show, but this one carries some extra info and updates. The most obvious change is the new Opal Blue colour, inspired by the semi-precious stone of outback Australia.

Central to the concept is a suite of advanced materials and tech, including lightweight carbon fibre and the next-generation of Lexus’ hybrid powertrain. New to LF-LC and derived from the LFA supercar, LF-LC leverages Lexus’ extensive in-house experience in marrying carbon fibre and aluminium alloy materials to achieve a light body mass. According to Lexus, the result is an extremely taut body that responds quickly and crisply to driver inputs.

The next-gen hybrid system is dubbed Advanced Lexus Hybrid Drive. It features an Atkinson cycle combustion engine mated to an “advanced high-energy battery pack” designed to deliver greater power from a smaller battery than those currently used by Lexus. Combined, the LF-LC Blue’s powertrain develops 500 hp.

The dramatic cabin gets a new white and brown colour scheme. Lexus says that the LF-LC Blue concept hints at what’s to come, and that they are actively studying ways to engineer and build a vehicle like this in the future. Gorgeous!

Gallery after the jump.